Community Bancorp LLC of Houston has completed its acquisition of Cadence Financial Corp. of Starkville, Miss., with a $144 million investment, the companies announced Monday.
Paul B. Murphy Jr., the president of Community Bancorp and new chairman of the board of Cadence, said in a press release that the investment will push Cadence "to the top of the charts among their peers for capital ratios and will provide a solid foundation for Cadence's future growth."
Murphy said the company's long-term goal is to use the Cadence Bank unit to support bank acquisitions by Community Bancorp. In the meantime, it plans to shore up capital as well as invest in new products, hire additional staff and expand training programs.
One of the first initiatives is a mobile banking service that includes an iPhone app. The company is also expanding its customer service hours.